Why CTC Media Shares Shot Up

Is this meaningful? Or just another movement?

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Russian broadcaster CTC Media (NASDAQ:CTCM) jumped as much as 17% after reporting quarterly results this morning.

So what: Sales at Russia's largest independent media company grew 12% to $264.2 million in the quarter and adjusted earnings per share grew 5% to $0.41, both of which topped estimates. Perhaps more important for investors, CTC hiked its annual dividend payout from $0.52 to $0.63, but with today's jump in the stock price, the already-juicy yield only improved from 5.4% to 5.5%.

Now what:The 2013 outlook looks strong as the company said 80% of advertising inventory is already sold, and the Russian TV advertising market is projected to grow 10% this year in constant-currency terms. CTC seems to be mostly a dividend play, but with improving in a steadily growing industry CTC seems like an all-around solid pick.

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